Introduction to Cost and Management Accounting, Accounting Step-by-Step by Mike Werner

Introduction to Cost and Management Accounting - Accounting Step-by-Step by Mike Werner

In this video, we introduce Management Accounting. Sometimes management accounting is called managerial accounting or cost accounting.

Management accounting provides information to company managers and employees. Unlike financial accounting information, which is prepared for outside investors, creditors and others outsiders, management accounting information is prepared for insides, that is, it’s prepared for managers and other employees of an organization.

The video is a general introduction to cost/management/managerial accounting and covers material presented in the first chapter of most cost and management accounting textbooks.

The video compares management accounting and financial accounting with respect to their purposes, primary users, historical/future orientation, regulations, timeliness and level of detail. The video introduces ways management accounting can help managers with decision making, planning, control, performance evaluation and encouraging performance. The video also introduces where accounting fits into the organizational structure with respect to line/staff positions and the functions of the Chief Financial Officer (CFO), controller and treasurer. The value chain and how it relates to product costs is also introduced

[andyjohnson]

So grate to see it! I’m a finance professional with 20+ years of experience and yet again going back to basics to relearn things

[lesliecuriel]

Sir, thank you thank you thank!! Your channel explain everything in detail and voice is very clear, pleasant, and calm. I don’t know why you are no famous yet in YouTube!

[oct_chiblessed]

I'm thinking of doing Financial Accounting next and your channel has sparked that interest more. I had fear that I will fail but with so much information like this I know is doable. Thank you🙏

[darklight]

I’m takingCost/ Management accounting course … and it’s so confusing. Thanks to your videos it’s more understandable!!!

[abdimustafa]

Thank soo much, that was really greatly appreciated helpful lecture. God bless you and your knowledge 🙏

[MikeWMiami]

Thank you for the introduction to management accounting?

[kayizasteven]

Thanks you for this wonderful introduction

[masterpiece]

Could you clarify regarding information discussed in value chain:
1. for a product in the market, are all activities priced into the product? i.e is the price of the product inclusive of all activities in the value chain?
2. Why is that for product cost, the price of production only considered in financial accounting?